FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
For the month of August, 2003
Intertape Polymer Group Inc.
110E Montee de Liesse
St. Laurent, Quebec, Canada, H4T 1N4
[Indicate by check mark whether the registrant files or
will file annual reports under cover of Form 20-F or Form 40-F.]
Form 20-F Form 40-F X
[Indicate by check mark whether the registrant by
furnishing the information contained in this Form is also
thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.]
Yes No X
[If "Yes" is marked, indicate below the file number
assigned to the registrant in connection with Rule 12g3-2(b):
82-______]
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
INTERTAPE POLYMER GROUP INC.
Date: August 14, 2003 By: /s/Andrew M. Archibald
Chief Financial Officer,
Secretary, Vice President,
Administration
2003
Second Quarterly Report
[LOGO]
OVERVIEW
The second quarter of 2003 was the third full quarter following the Company's
announcement of $17.5 million in cost reduction initiatives to address
existing market conditions. Market conditions have not improved markedly since
then. However, the measures taken by the Company in the areas of sales and costs
have enabled it to improve its bottom line performance significantly. The second
quarter 2003 earnings represented an increase of 34% compared to the first
quarter of 2003, and a return towards the levels of the first half of last year.
Second quarter 2003 revenues were negatively impacted by the fact that some of
the Company's customers pre-bought in the first quarter of 2003 in anticipation
of increasing prices resulting from rising raw material costs. Also, the month
of May was a very weak month for the industrial markets in which the Company
competes. Despite these pressures, the Company grew its net earnings from $0.09
a share in the first quarter of 2003, to $0.12 a share in the second quarter of
2003, by effectively managing its pricing structure, product mix and various
cost reduction initiatives.
The Company's previously announced program to reduce costs by $17.5 million is
proceeding as planned. The Flexible Intermediate Bulk Container (FIBC) plant
consolidation was completed in the fourth quarter of 2002. At the beginning of
the second quarter, the Company announced the consolidation of three existing
regional distribution centers (RDCs) into a new facility in Danville, Virginia,
adjacent to existing manufacturing operations. The work is proceeding, but
there have been some weather-related construction delays. Consequently, it is
possible that some of the expected savings will not be realized in 2003. In
June, the Company also announced its intention to consolidate its two water-
activated tape plants in Wisconsin. The expected savings from this action, which
is likely to occur in the first quarter of 2004, will be in addition to the
previously announced $17.5 million of cost reduction initiatives.
Revenues and earnings for the first half of 2003 are in line with the Company's
business plan, and the Company should meet all of its targets for the full year,
assuming a stable raw material pricing environment and no adverse changes in
current economic conditions.
RECENT DEVELOPMENT
At the end of the second quarter, the Company acquired its partner's 50% common
share interest in Fibope Portuguesa Filmes Biorientados S. A. (Fibope), a
manufacturer and distributor of shrink film based in Portugal that was
established seven years ago. This acquisition provides the Company with control
of manufacturing and distribution, which should enable it to maximize growth
opportunities for its advanced technology in shrink films in the European
marketplace. This acquisition also provides a solid platform to manufacture and
distribute the Company's pressure-sensitive performance products in the European
market that is similar to that of North America's.
The purchase of Fibope shares was paid for by the issuance of approximately one
million of the Company's common shares valued at $7.2 million in total. As the
Fibope acquisition was effectively made at the end of the quarter, there was no
significant impact on the income statement or the weighted average number of
shares outstanding. In accordance with generally accepted accounting principles
(GAAP), the transaction is reflected in the balance sheet and, as a non-cash
transaction, the acquisition cost and the Company's issuance of shares cannot be
reflected in the cash flows statement for the quarter.
REVIEW OF OPERATIONS
SALES
Sales for the second quarter of 2003 were $150.2 million, compared to sales of
$153.7 for the same quarter a year ago. In addition to the challenges of a
continuously changing business environment, second quarter sales were affected
by first quarter pre-buying as some customers attempted to avoid anticipated
price increases, and a weak month of May for industrial markets in which the
Company competes.
Sales for the first six months of the year were up slightly at $303.8 million,
compared to $300.4 million last year.
The Company maintains its expectation of approximately 5% revenue growth for
fiscal 2003.
GROSS PROFIT AND GROSS MARGINS
Gross profits for the second quarter of 2003 were $34.1 million compared to
$33.9 million for the same quarter last year. This yielded a gross margin of
22.7%, up from 22.1% for the second quarter of last year. In the second
quarter of 2003, gross profits and gross margins were also above first quarter
2003 levels of $33.8 million and 22.0% respectively, a significant improvement
given the lower second quarter sales. The improvements in gross margin
resulted in part from the Company's success in managing prices to recover a
significant portion of the raw material cost increases. The improved margin
also reflects the benefits of initiatives implemented in the first quarter,
including waste reduction programs and changes to blending formulas, as well
as the ability to contain manufacturing and labor costs.
Gross profits for the year to date were $67.9 million for a gross margin of
22.3%, virtually unchanged from $67.4 million or 22.4% a year ago.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
SG&A expenses were $20.8 million (13.9% of sales) for the second quarter of
2003, up slightly from $20.5 million (13.3% of sales) for the second quarter
2002 but down from $22.0 million (14.3% of sales) in the first quarter of 2003.
The Company reduced SG&A expenses by $1.2 million in the second quarter,
compared to the first quarter of 2003, and plans further reductions during the
remainder of the fiscal year.
For the six-month period ended June 2003, SG&A expenses were $42.8 million
(14.1% of sales), slightly higher than expenses of $40.8 million (13.6% of
sales) last year.
OPERATING PROFIT
Operating profits (defined as gross profit less SG&A expenses) were $13.3
million for the second quarter ended June 30, 2003, representing 8.8% of
sales. This is comparable to figures of $13.5 million and 8.8% for last
year. Second quarter operating profits were up appreciably from $11.8
million or 7.7% of sales in the first quarter of 2003, reflecting the
improved gross margin and reduced SG&A expenses.
For the first six months of the year, operating profits amounted to $25.1
million compared to $26.6 million in 2002. Operating profit is a non-GAAP
financial measure that the Company believes enhances the understanding of
its ongoing operating results, and which is used by management, lenders,
and investors in evaluating a company's performance.
FINANCIAL EXPENSES
Financial expenses were $7.8 million in the second quarter of 2003, compared
to $7.9 million for the same quarter in 2002. The decline reflected interest
savings resulting from lower levels of debt compared to the same period last
year. Total debt was $25.4 million lower on June 30, 2003, compared to June
30, 2002. These savings were offset in part during the quarter by increased
bank charges and greater amortization of deferred financing charges.
For the six months ended June 2003, financial expenses were $15.5 million,
down $1.3 million compared to last year.
EBITDA
For the second quarter of 2003, earnings before interest, taxes, depreciation
and amortization (EBITDA) were $18.9 million, compared to $19.7 million for
the second quarter 2002 and $17.6 million for the first quarter 2003.
For the first half of 2003, EBITDA was $36.5 million, compared to $38.5 million
for the first half of 2002.
EBITDA is a non-GAAP financial measure that the Company believes enhances the
understanding of its ongoing operating results, and which is used by management,
lenders, and investors in evaluating a company's performance. A reconciliation
of the Company's EBITDA is set out in the reconciliation table below:
EBITDA Reconciliation to Net Earnings
(in millions of US dollars)
Three Months Six Months
June 30, June 30, March 31, June 30, June 30,
2003 2002 2003 2003 2002
__________________________________________________________________________________
$ $ $ $ $
Net Earnings 3.9 4.3 2.9 6.8 7.1
Add Back:
Financial Expens 7.8 7.9 7.7 15.5 16.8
Income Taxes 0.5 0.5 0.4 0.8 0.9
Depreciation and
Amortization 6.7 7.0 6.6 13.4 13.7
__________________________________________________________________________________
EBITDA 18.9 19.7 17.6 36.5 38.5
__________________________________________________________________________________
NET EARNINGS
For the second quarter of 2003, the Company posted net earnings of $3.9
million, or $0.12 per share, basic and diluted, compared to net earnings of
$4.3 million, or $0.13 per share, basic and diluted, for the same period in
2002. Second quarter net earnings were up 34% over first quarter net
earnings of $2.9 million, or $0.09 per share, basic and diluted.
Net earnings for the first six months of the year were $6.8 million, or
$0.20 per share, basic and diluted, compared to $7.1 million last year, or
$0.22 per share, basic and diluted.
LIQUIDITY AND CAPITAL
RESOURCES
CASH FLOWS
For the second quarter of 2003, the Company generated cash from operations
before changes in non-cash working capital items of $11.1 million compared
to $11.9 million for the same period last year. For the first six months
of the year, cash from operations totaled $20.9 million compared to $21.7
million last year.
Changes in non-cash working capital items for the three months ended June
30, 2003 used $0.1 million in cash having contributed $2.8 million during
the same period the previous year. For the first half of the year, non-cash
working capital items used $9.8 million compared to $11.4 million a year
ago. The main factors behind the net use in funds were the build-up of
inventories in advance of annual plant shutdowns occurring in the third
quarter, and the build-up of receivables due to customer pre-buying in
advance of sales price increases. This trend was reversed during the second
quarter of 2003 as the continued build in inventories was offset by a
reduction in trade receivables and other items.
Working capital was $65.7 million as at June 2003, compared to $63.8
million as at March 2003 and $61.2 million as at December 2002.
The Company continues to make working capital reductions a priority. At
June 30, 2003, inventories were $71.9 million, up from $61.0 million at
December 31, 2002 due to planned build-ups prior to annual plant
shutdowns. However, on a year-over-year basis, the Company achieved
inventory reductions of $5.0 million as at the end of the second quarter
of 2003, despite the impact of substantially higher raw material costs.
This is attributable to the Company's investment in RDCs and central
planning, which allows the Company to fill customer orders with a lower
level of finished goods investment.
During the three months ended June 30, 2003, the Company used cash flow
of $1.2 million in investing activities compared to $3.4 million in the
same period a year earlier, primarily as a result of lower capital
expenditures.
In the second quarter of 2003, $2.6 million was invested in property,
plant and equipment compared to $3.6 million in the same quarter last
year. Expenditures in property, plant and equipment in the first half
of the year fell to $5.1 million from $6.5 million last year.
Investments in acquisitions and plant upgrades made in previous years,
as well as some recent plant consolidations, have resulted in lower
capital spending requirements this year compared to last year. Total
capital expenditures for the 2003 fiscal year are expected to be in the
range of $13.0 to $15.0 million.
Financing activities used cash flow of $9.5 million in the second quarter
of 2003 compared to $8.7 million in the same quarter last year. Financing
activities in the second quarter of 2003 consisted of the repayment of
$15.9 million of long-term debt, part of which was refinanced with short-
term debt.
In the first six months of 2003, the Company reduced long-term debt by a
total of $21.1 million. Part of this debt reduction was financed by
drawdowns of $15.2 million against lines of credit during the six months
ended June 2003, including $6.3 million in the second quarter.
LIQUIDITY
Cash flows from operating activities less cash used for investing activities
was $9.7 million for the second quarter 2003, compared to $11.3 million for
the second quarter 2002, and up significantly from the first quarter 2003
shortfall of $4.3 million.
Cash flows from operating activities less cash used for investing activities
was $5.4 million for the first half 2003, compared to $1.5 million for the
same period last year.
On a full year basis, the Company still expects to generate excess cash,
defined as cash flows from operating activities less cash used for investing
activities, of approximately $29.0 million. The Company intends to use its
excess cash to reduce its total debt by approximately $29.0 million this
year. At June 30, 2003, the Company's overall debt level was down $3.7
million from December 31, 2002, before considering the debt assumed by the
Company as part of the Fibope acquisition.
In North America, the Company has a $50.0 million revolving credit facility. As
at June 30, 2003, $27.1 million net was drawn and outstanding, leaving $22.9
million available for future use. The drawn portion included letters of credit
in the amount of $4.2 million.
All scheduled debt repayments were made during the quarter. The Company remains
in full compliance with all its financial and other covenants relating to its
outstanding debt obligations, and believes that its funds generated through
future operations and availability of borrowings under its credit facilities
will be sufficient to fund its debt service and working capital requirements
for the foreseeable future.
CURRENCY RISK
The Company is subject to currency risks through its Canadian and European
operations. Changes in the exchange rates may result in decreases or increases
in the foreign exchange gains or losses. The Company does not require the use
of derivative instruments to reduce its exposure to foreign currency risk, as
historically these risks have not been significant.
FORWARD-LOOKING STATEMENTS
Certain statements and information set forth in this Quarterly Report,
including statements regarding the business and anticipated financial
performance of the Company, constitute "forward-looking statements"
within the meaning of the Federal Private Securities Litigation Reform
Act of 1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or implied
in such forward-looking statements. Some of the factors that could cause
such differences include, but are not limited to, inflation and general
economic conditions, changes in the level of demand for the Company's
products, competitive pricing pressures, and general market trends.
Additional discussion of factors that could cause actual results to
differ materially from management's projections, estimates and
expectations is contained in the Company's SEC filings. These and other
factors should be considered carefully and undue reliance should not be
placed on forward-looking statements. The Company undertakes no duty to
update its forward-looking statements, including its earnings outlook.
Consolidated Earnings (unaudited)
Periods ended June 30,
(In thousands of US dollars, except per share amounts)
Three months Six months
_________________________ _______________________
2003 2002 2003 2002
___________ ___________ __________ __________
$ $ $ $
Sales 150,249 153,657 303,841 300,394
Cost of sales 116,166 119,713 235,959 233,034
___________ ___________ __________ __________
Gross profit 34,083 33,944 67,882 67,360
Selling, general and
administrative expenses 20,830 20,454 42,812 40,753
Research and development 1,086 796 1,980 1,763
Financial expenses 7,825 7,872 15,525 16,855
___________ ___________ __________ __________
29,741 29,122 60,317 59,371
___________ ___________ __________ __________
Earnings before income taxes 4,342 4,822 7,565 7,989
Income taxes 439 534 761 882
___________ ___________ __________ __________
Net earnings 3,903 4,288 6,804 7,107
___________ ___________ __________ __________
Earnings per share
Basic 0.12 0.13 0.20 0.22
___________ ___________ __________ __________
Diluted 0.12 0.13 0.20 0.22
___________ ___________ __________ __________
Consolidated Retained Earnings (unaudited)
Periods ended June 30,
(In thousands of US dollars)
Three months Six months
_________________________ _______________________
2003 2002 2003 2002
___________ ___________ __________ __________
$ $ $ $
Balance, beginning of period 53,015 107,386 50,114 104,567
Net earnings 3,903 4,288 6,804 7,107
___________ ___________ __________ __________
Balance, end of period 56,918 111,674 56,918 111,674
___________ ___________ __________ __________
The accompanying notes are an integral part of the consolidated
financial statements.
Consolidated Balance Sheets (unaudited)
(In thousands of US dollars)
As at As at As at
June 30, June 30, December 31,
2003 2002 2002
________ ________ ____________
$ $ $
ASSETS
Current assets
Trade receivables, net of allowance
for doubtful accounts of $3,640
($4,804 in June 2002, $3,844 in
December 2002) 91,514 93,104 86,169
Other receivables 10,357 12,152 10,201
Inventories 71,896 76,919 60,969
Parts and supplies 12,837 12,221 12,377
Prepaid expenses 6,139 6,154 7,884
Future income tax assets 2,397 4,025 2,397
______ ______ ______
195,140 204,575 179,997
Property, plant and equipment 357,447 363,665 351,530
Other assets 14,014 12,214 13,178
Goodwill 165,633 229,299 158,639
_______ _______ _______
732,234 809,753 703,344
LIABILITIES
Current liabilities
Bank indebtedness 25,391 19,936 8,573
Accounts payable and accrued
liabilities 83,799 85,880 80,916
Instalments on long-term debt 20,300 13,429 29,268
________ _______ _______
129,490 119,245 118,757
Long-term debt 274,152 311,859 283,498
Other liabilities 3,530 3,785 3,550
Future income taxes 5,164 22,506 4,446
________ _______ _______
412,336 457,395 410,251
________ _______ _______
SHAREHOLDERS' EQUITY
Capital stock and share purchase
warrants 246,362 236,822 239,185
Retained earnings 56,918 111,674 50,113
Accumulated currency translation
adjustments 16,618 3,862 3,795
_______ _______ _______
319,898 352,358 293,093
_______ _______ _______
732,234 809,753 703,344
The accompanying notes are an integral part of the consolidated
financial statements.
Consolidated Cash Flows (unaudited)
Periods ended June 30,
(In thousands of US dollars)
Three months Six months
_________________________ _______________________
2003 2002 2003 2002
___________ ___________ __________ __________
$ $ $ $
OPERATING ACTIVITIES
Net earnings 3,903 4,288 6,804 7,107
Non-cash items
Depreciation and amortization 6,724 7,046 13,363 13,664
Future income taxes 439 534 760 882
___________ ___________ __________ __________
Cash from operations before
changes in non-cash working
capital items 11,066 11,868 20,927 21,653
___________ ___________ __________ __________
Changes in non-cash working
capital items
Trade receivables 3,649 (586) (2,722) (3,113)
Other receivables 334 (2,309) 116 778
Inventories (4,300) (6,481) (8,147) (5,528)
Parts and supplies (224) (218) (124) (533)
Prepaid expenses 698 2,270 1,845 3,321
Accounts payable and accrued
liabilities (286) 10,123 (808) (6,302)
___________ ___________ __________ __________
(129) 2,799 (9,840) (11,377)
___________ ___________ __________ __________
Cash flows from operating
activities 10,937 14,667 11,087 10,276
INVESTING ACTIVITIES
Property, plant and equipment (2,629) (3,625) (5,080) (6,467)
Other assets 1,345 243 (608) (2,271)
Cash flows from investing
activities (1,284) (3,382) (5,688) (8,738)
__________ ___________ _________ __________
FINANCING ACTIVITIES
Net change in bank indebtedness 6,343 (3,658) 15,175 (8,375)
Repayment of long-term debt (15,852) (4,962) (21,117) (37,689)
Issue of common shares (50) 47,326
__________ ___________ _________ __________
Cash flows from financing
activities (9,509) (8,670) (5,942) 1,262
__________ ___________ _________ __________
Net increase (decrease) in
cash position 144 2,615 (543) 2,800
Effect of foreign currency
translation adjustments (144) (2,615) 543 (2,800)
__________ ___________ _________ __________
Cash position, beginning and
end of period --- --- --- ---
__________ ___________ _________ __________
The accompanying notes are an integral part of the consolidated
financial statements.
NOTE 1.
Basis of Presentation
In the opinion of Management the accompanying unaudited interim consolidated
financial statements, prepared in accordance with Canadian generally accepted
accounting principles, contain all adjustments necessary to present fairly
Intertape Polymer Group Inc.'s (IPG) financial position as at June 30, 2003 and
2002 and December 31, 2002 as well as its results of operations and its cash
flows for the three and six months ended June 30, 2003 and 2002.
While Management believes that the disclosures presented are adequate, these
unaudited interim consolidated financial statements and notes should be read
in conjunction with IPG's annual consolidated financial statements.
These unaudited interim consolidated financial statements and notes follow the
same accounting policies as the most recent annual consolidated financial
statements.
NOTE 2.
Earnings per Share
The following table provides a reconciliation between basic and diluted earnings
per share:
In thousands of US dollars
(Except per share amounts)
Three months Six months
_________________________ _______________________
Period ended June 30 2003 2002 2003 2002
_______________________________________________________ _______________________
$ $ $ $
Net earnings applicable
to common shares 3,903 4,288 6,804 7,107
Weighted average
number of common
shares outstanding (000s) 33,833 33,623 33,827 31,889
Effect of dilutive stock options
and warrants(a) (000s) 79 626 58 459
_______________________________________________________ _______________________
Weighted average number
of diluted common shares
outstanding (000s) 33,912 34,249 33,885 32,348
Basic earnings per share 0.12 0.13 0.20 0.22
Diluted earnings per share 0.12 0.13 0.20 0.22
(a) Diluted earnings per share is calculated by adjusting outstanding shares,
assuming any dilutive effects of stock options and warrants.
NOTE 3.
Accounting for Compensation Programs
As at June 30, 2003 the Company had a stock-based compensation plan, which is
described in the 2002 Annual Report. The Company does not record any
compensation expense with respect to this plan.
Had compensation cost for the Company's stock-based compensation plan been
determined using the fair value based method for awards at the grant date under
the plan, the Company's net earnings and earnings per share (both basic and
diluted) for the three months and six months ended June 30, 2003 and June 30,
2002 would have been reduced to the pro forma amounts of $3.7 million, $4.2
million, $6.4 million, $6.9 million, $0.11, $0.12, $0.19 and $0.22 respectively.
NOTE 4.
Differences in Accounting Between The United States of America and Canada
Re-pricing of Stock Options
The re-pricing of stock options that occurred in 2001 has resulted, under US
GAAP, in variable plan accounting for the re-priced options. Under US GAAP,
the Company would not have recorded a non-cash charge for the three months
and six months ended June 30, 2003, but would have recorded a non-cash charge
of $0.4 million and $2.2 million for the three months and six months ended
June 30, 2002. The charge would have no income tax consequences for the Company
and would reflect the changes in the market price of the common shares.
Accordingly, the Company's net earnings, basic earnings per share and diluted
earnings per share would have been unchanged for the three months and six months
ended June 30, 2003 and reduced by $0.4 million and $2.2 million, $0.01 (both
basic and diluted) and $0.07 (both basic and diluted) respectively for the
three months and six months ended June 30, 2002.
NOTE 5.
Capital Stock
In June 2003, the Company issued 1,030,767 common shares to acquire the
remaining 50% interest in a joint venture. As explained in Note 7, the
transaction was valued at $7,177,000.
In March 2002, the Company issued 5,100,000 common shares for cash
consideration of CAN $75,700,000 (US $47,441,000).
Average number of common shares outstanding
Three months Six months
_________________________ _______________________
Period ended June 30 2003 2002 2003 2002
_______________________________________________________ _______________________
$ $ $ $
CDN GAAP - Basic 33,832,527 33,622,896 33,826,800 31,889,274
CDN GAAP - Diluted 33,912,232 34,249,454 33,885,377 32,348,349
U.S. GAAP - Basic 33,832,527 33,622,896 33,826,800 31,889,274
U.S. GAAP - Diluted 33,912,232 34,249,454 33,885,377 32,348,349
NOTE 6.
Financial Expenses
In thousands of US dollars
Three months Six months
_________________________ _______________________
Period ended June 30 2003 2002 2003 2002
_______________________________________________________ _______________________
$ $ $ $
Interest on long-term debt 6,981 7,070 14,035 14,516
Interest on credit facilities 547 794 765 1,545
Other 446 108 1,025 994
Interest capitalized to
property, plant and equipment (150) (100) (300) (200)
_____ _____ ______ ______
7,825 7,872 15,525 16,855
_____ _____ ______ ______
NOTE 7.
Acquisition of business
On June 26, 2003, the Company acquired the remaining 50% common
equity interest in Fibope Portuguesa Filmes Biorientados S. A.
(Fibope), a manufacturer and distributor of film products in
Portugal.
The acquisition has been accounted for using the purchase method
of accounting and, accordingly, the purchase price has been
allocated to the assets and liabilities based on their estimated
fair values as at the date of the acquisition. The results of
Fibope have been included in the Company's consolidated results
from the date of acquisition. Previously, the Company had
accounted for its investment in Fibope as a joint venture using
the proportionate consolidation method.
The purchase price of $7.2 million was settled by the issuance of
1,030,767 common shares of the Company. The terms of the purchase
agreement provide for either additional shares to be issued or a
cash payment to be made to a maximum of $1.2 million, at the
Company's option, if the value of the above shares is below a
specified value on December 26, 2004. The issue of any additional
shares will have no impact on the recorded amounts and any cash
payment will reduce the recorded value of the capital stock of the
Company.
The Company acquired assets with a fair value of $11.1 million,
including approximately $3.4 million of goodwill, and assumed
liabilities of $3.9 million, of which $2.2 million was interest-
bearing debt.
NOTE 8.
Subsequent Event
During July 2003, the Company satisfied a contingent consideration
arising from the September 1, 2000 acquisition of certain assets
of Olympian Tape Sales, Inc. d/b/a United Tape Company (UTC), by
making a $6 million cash payment to a third party. The cash payment
and related expenses, net of amounts available under an escrow
agreement created at the time of the acquisition, will be recorded
in the third quarter of 2003 as an increase in the goodwill arising
from the UTC acquisition.
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Intertape Polymer Group Inc. Canada, H4T 1N4
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